CPP promotes global head of real assets to CIO post

The Toronto-based Canada Pension Plan (CPP) Investment Board appointed Edwin Cass as the C$434 billion (US$392 billion) pension’s first dedicated chief investment officer. Effective immediately, Cass will work closely with the CEO, the chief financial and risk officer and investment department leaders to strengthen to organization’s investment governance even further with the aim of generation greater performance gains. Cass originally joined CPP in 2008 and most recently was global head of real assets. Replacing him is Deborah Orida, who will now be responsible for the global real assets program, which encompasses energy and resources, infrastructure, power and renewables, real estate and portfolio value creation. Orida joined CPP in 2009 and was most recently senior managing director and head of global head of active equities. The CPP fund is on the trajectory to grow to C$1 trillion by 2033 and the time is right to create a dedicated CIO role, according to Mark Machin, president and CEO of CPP Investments. The CIO role was created to effectively address the anticipated size and scale of the portfolio by 2025 and beyond. As CIO, Cass is responsible total fund management, including capital allocation between investment programs, long-term investment department signals, medium- and near-term portfolio guidance and balance sheet management. According to the pension system, the investment department leaders will continue to be responsible for executing strategy for their respective departments. The new senior managing director and global head of active equities will be announced at a future date. CPP invests in private equities, real estate and infrastructure investments in addition to its traditional public equity and fixed-income portfolios.

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